[2007년 제 1차] An Empirical Analysis of the Capital Structure of P
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2007-03-01
This study aims at comparing and analyzing the capital structures and financial policies of public and private firms. In order to achieve this purpose, this paper uses a large panel dataset of externally audited firms in Korea during 1981-2004. I find that private companies maintain higher leverage relative to public companies, even after controlling the firm`s characteristics that affect the capital structure. Also the leverage of private companies are more sensitive to operating performance than their public counterparts, lead to a greater sensitivity of their capital structures to fluctuations in their operating performance. Based on this finding, I conclude that access to public market is important to determine the capital stucture choice of private firms.
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